How to Sell Hard Information

نویسندگان

چکیده

Abstract The seller of an asset has the option to buy hard information about value from intermediary. can then disclose this before selling in a competitive market. We study how intermediary designs and sells robustly maximize intermediary's revenue across all equilibria. Even though could use accurate test that reveals asset’s value, we show robust maximization leads noisy with continuum possible scores. In addition, always charges for disclosing score market, but not necessarily running test. This enables appropriate significant share surplus resulting sale.

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ژورنال

عنوان ژورنال: Quarterly Journal of Economics

سال: 2021

ISSN: ['0033-5533', '1531-4650']

DOI: https://doi.org/10.1093/qje/qjab024